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eastern Nebraska | Putting aside the fact that NASS is still projecting record US yields despite one of driest Augusts on record through the fat part of the grain belt... (cough, cough, bull****)... Let's look at the world numbers for a minute. Despite the fact that both gov't and private estimates have the Ukrainian corn crop 5-6mmt below last WASDE, they lowered their crop just 1mmt. Then, they turn around and RAISE the Brazilian corn crop, which HASN'T EVEN BEEN PLANTED YET, 3mmt -- even in light of the fact that forecasts call for a late planting season. Very modest changes to the EU crop, though VHI maps of France and Germany beg to differ. And China... NO change to production there... AGAIN... despite historic flooding, massive army worm infestation, regional drought, and back-to-back-to-back typhoons in the northern growing region. Is Mr. Market saying, "Hmmm, I don't believe you?" | |
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WASDE rant...
